Insurance Distribution Regulations (IDR) Product Governance & Oversight
Thu Nov 15 2018
As you aware the IDR imposes obligations on Brokers and Insurers in respect of product governance and oversight. Product oversight and governance rules should apply to all newly developed insurance products and to existing products where significant changes have been made to the product. This applies to all insurance products except to “large risks” insurance products. Definition of “large risks” was issued with our Compliance Bulletin on 3 October 2018.
Product oversight and governance measures should be chosen and applied in a proportionate and appropriate manner, depending on the complexity of the product.
The attached document provides full guidelines and governance for Brokers on IDR and should be reviewed carefully.